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Canadian Hydro Buys Wind Power Operation

Location Canada News Desk (09/28/2009)
Canadian Hydro Developers Inc. will acquire an offshore wind project that could become the world's largest offshore wind farm. The company says in a statement that the site -- located between five and 30 kilometers away from shore in one of the Great Lakes bordering Ontario -- could eventually produce 4,400 megawatts, enough to power more than 2 million homes. The site is being purchased from U.S.-based renewable energy company Wasatch Wind Inc. "This is a tremendous growth opportunity for our company and our shareholders, and a perfect fit with our long-term strategy and position as a market leader in Canada," says Kent Brown, Canadian Hydro's CEO. "We expect the Offshore Wind Prospect to give Canadian Hydro years of strong, double-digit growth and to provide our shareholders with attractive returns." The Toronto Globe and Mail reports that Canadian Hydro is currently in the midst of a takeover battle which has seen TransAlta Corporation making multiple hostile bids for the company. Canadian Hydro owns and operates 21 hydro, wind, gas-fired, and other general plants across Canada.